Surgent's Preparing Individual Tax Returns for New Staff and Paraprofessionals

Overview

The objective of this course is to train new staff accountants, data processing employees, paraprofessionals, and bookkeepers to prepare a moderately complex federal individual income tax return (Form 1040). Over the years, thousands of new staff have received practical, hands-on experience to become familiar with tax forms. This course covers the latest tax law changes, making it essential for your new staff.

Highlights

• New and expanded energy credits under the Inflation Reduction Act (IRA)
• Preparation of various Form 1040 individual tax returns and schedules; provided answers include “filled-in” forms 
• Coverage of Form 7203 
• Coverage of §199A qualified business income, its calculation, limitations, and examples 
• Dividends and interest – Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc. 
• Security transactions – From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues 
• Self-employed person issues 
• Schedule C deductions including depreciation 
• Sale and exchange of property – Understanding Form 4797 and depreciation recapture; capital gains 
• A working understanding of passive losses – How to handle rental property and how the passive loss rules flow to the tax forms 
• Itemized deductions – A thorough understanding of what’s deductible and what’s not 
• Interest deductions – Limitations and timing problems 
• Charitable contributions substituting for taxes, IRS says – No! 
• Retirement contributions and education credits and deductions 
• Tax computations – The Kiddie Tax, AMT, regular tax, tax credits 
• Individual problems illustrated by form preparation for various items, with numerous “practice tips” 
• Impact of recent legislation and forms changes on the 1040 

Prerequisites

None

Designed For

New staff and paraprofessionals who prepare individual returns

Objectives

• Learn complicated issues of filing status and dependency exemptions
• Learn about Schedules A, B, C, D, E, and SE; Forms 8867, 4797, and 4562; passive rules and more
• Complete comprehensive problems related to Schedules A, C, and D; QBI, 4797, 6251, and more, all with “filled-in” forms
• Learn about IRA contributions, self-employed retirement plans, child-care credits, and the adoption tax credit

Preparation

None